Xander Group To Make Exit Costing Rs 700 Crore From Rustomjee Projects
Global investment firm Xander Group is set to make an exit worth around Rs 700 crore from its investments in realty developer Rustomjee’s subsidiary Kapstone Constructions. Xander invested Rs 370 crores in 2014 through non-convertible debentures in Kapstone Constructions. The investment included Rustomjee Urbania in Thane and Rustomjee Elements in the upscale Juhu suburb of Mumbai.Â
Rustomjee Urbania is an integrated township project spread over 127 acres. While Rustomjee Elements is a 3-acre gated community project. The exit offering a two-fold return to the firm will be one of the most profitable exits for a global investor in the Indian residential market in recent years. Meanwhile, Real estate transactions in residential space have been gaining momentum after the Maharashtra government reduced the stamp duty to 2% from 5%.